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It’s easier to keep customers hooked than it is to initially attract them. Time and time again, research and actual sales show it’s simpler and more advantageous to cater to current customers. You know them; they know you.
Indeed, businesses should make every attempt to increase the lifetime value of existing customers. If wooed properly, they will spend more money than passive, one-time customers. They’ll also spread the word about their experiences, working as unpaid customer representatives.
Nearly 70 percent of consumers spend more with the brands they love. 1 Wanting to reciprocate that love, many companies have created loyalty programs that offer all sorts of perks: discounts, special access to merchandise, and rewards points that lead to free merchandise. These businesses see the value of rolling out the red-carpet for their loyal customers.
This eBook reviews the benefits and shortfalls of customer loyalty programs and how data analytics improves your business’ efforts to better understand your most faithful customers.
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